JG Summit Q1 core profit falls 19%

JG Summit Holdings reported a 19% decline in core net income for Q1 due to the impact of quarantine measures related to COVID-19.

Revenues fell by 10%, and Cebu Pacific, JG Summit's airline, posted a P1.2 billion net loss.

Robinsons Land Corp. saw an 82% increase in net income due to lower operating expenses, while Robinsons Bank Corp. registered a significant profit increase.

Universal Robina Corp. reported a 35% decline in net income and JG Petrochemicals Group posted a P1.1 billion loss.

JG Summit's president, Lance Gokongwei, emphasized the company's focus on employee health, operational continuity, cost management, and community support during this extraordinary period.